A Russian court has issued an order to seize all funds held in JPMorgan Chase bank accounts in Russia as part of a lawsuit filed by state-owned bank VTB, which is seeking to recover funds blocked abroad, Reuters reports.
This legal action comes after JPMorgan Chase sued VTB in New York to halt its efforts to recover $439.5 million in frozen funds from an account that was blocked following Russia’s invasion of Ukraine in 2022 and subsequent sanctions against VTB. JPMorgan accused VTB’s attempt to recover the money in Russia as a violation of their agreement to resolve disputes in New York.
The Arbitration Court of St Petersburg and the Leningrad Region ruled to seize all funds in JP Morgan bank accounts in Russia, including correspondent accounts and those opened in the name of a subsidiary. However, the ruling excludes securities and property held by JP Morgan funds, as well as the jpmorgan.ru domain.
